TechFlow News, May 30: According to MLM monitoring, three days ago, an address suspected of being linked to a hacker group withdrew approximately $29.3 million in USDC from Coinbase and subsequently exchanged the funds for DAI.
Analysis suggests these funds may be proceeds from a hacking incident or phishing campaign. Yesterday, the address converted part of its DAI back into USDC and used multiple associated wallets to purchase Monero (XMR).
Data shows that the related addresses collectively purchased roughly $23 million worth of XMR, driving the XMR price up nearly 15% at one point during this process.
As of now, these addresses still hold approximately $4 million in DAI on-chain, but no further XMR purchases have been observed. Markets are closely tracking the flow of these funds and their potential impact on Monero’s price going forward.
